First of Long Island Corp. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
January 30, 2012 at 01:00 pm
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First of Long Island Corp. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the fourth quarter, the company reported total interest and dividend income of $19,635,000 compared to $18,202,000 a year ago. Net interest income was $15,069,000 compared to $14,148,000 a year ago. Income before income taxes was $5,754,000 compared to $4,932,000 a year ago. Net income was $4,728,000 or $0.53 per diluted share compared to $4,064,000 or $0.46 per diluted share a year ago. The increase in net income compared to the same quarter last year was primarily attributable to an increase in net interest income of $921,000 and an increase in noninterest income, before gains on sales of securities, of $276,000. ROA was 0.95% compared to 0.95% a year ago. ROE was 10.04% compared to 9.71% a year ago.
For the full year, the company reported total interest and dividend income of $76,312,000 compared to $72,403,000 a year ago. Net interest income was $58,745,000 compared to $55,629,000 a year ago. Income before income taxes was $24,401,000 compared to $23,763,000 a year ago. Net income was $19,457,000 or $2.20 per diluted share compared to $18,392,000 or $2.30 per diluted share a year ago. The increase in net interest income is primarily attributable to growth in the average balances of all categories of interest-earning assets as partially offset by an eighteen basis point decline in net interest margin. The increase in net income is primarily attributable to an increase in net interest income of $3.1 million and a reduction in income tax expense of $427,000. ROA was 1.05% compared to 1.11% a year ago. ROE was 11.15% compared to 12.94% a year ago.
The First of Long Island Corporation is a one bank holding company. It provides financial services through its wholly owned subsidiary, The First National Bank of Long Island (the Bank). The Bank serves the financial needs of small to middle market businesses, professional service firms, not-for-profits, municipalities and consumers primarily in Nassau and Suffolk Counties of Long Island, and the boroughs of New York City (NYC). The Bankâs loan portfolio is primarily comprised of loans to borrowers on Long Island and in the boroughs of NYC, and its real estate loans are principally secured by properties located in those areas. The Bankâs investment securities portfolio consists of direct obligations of the United States government and its agencies, obligations of the small business administration (SBA), corporate bonds of large United States financial institutions and obligations of states and political subdivisions. The Bank offers trust, estate, custody, and investment services.